2028 ARTICLE 8.

made, or said owners shall be incompetent to contract, or reside out of
Cecil County, then the land necessary for the construction of said culverts
or drains shall be condemned as provided in Section 371.

P. L. L., 1888, Art. 8, sec. 267. 1874, ch. 216. 1898, ch. 159, sec. 267.

373. The President and Commissioners may borrow, on the faith of
said corporation, any sum of money riot exceeding twenty thousand dol-
lars, and issue therefor the bonds of said corporation, signed by the Presi-
dent, sealed with the seal of the corporation and attested by the clerk;
said bonds to bear interest at the rate of five (5) per cent, per annum,
and to be in sums ranging from one hundred to one thousand dollars, and
payable at such times as they may direct; provided, that no bonds shall
be issued payable at any period longer than forty years from the date of
issue; said bonds to be exempt from taxation for county and municipal
purposes; and the President and Commissioners shall have power to sub-
scribe, out of the money arising from, the sale of said bonds, such sums
as they may deem proper for the capital stock bonds of any corporation
formed for the purpose of supplying the town with pure water, gas or
electric lights, or sewerage system, or to loan to such corporation, out
of said moneys, such sum as they may deem proper, the said corporation
securing the same in such manner as to the President and Commissioners
may seem safe and proper.

1918, ch. 124, sec. 267A.

374. The President and Commissioners may borrow, on the faith and
credit of said town or corporation, any sum of money not exceeding thirty
thousand ($30,000) dollars, and issue therefor the bonds of said town
or corporation to the amount of twenty-five thousand ($25,000) dollars,
signed by the President, sealed with the seal of the town or corporation
and attested by the clerk; said bonds to bear interest at the rate of five
(5) per centum per annum, and to be in sums ranging from one hundred
($100) dollars to one thousand ($1,000) dollars, and payable at such
time or times as they may direct; provided, that no bonds shall be issued
payable at any period longer than forty years from the date of issue; said
bonds to be exempt from taxation for county and municipal purposes;
and the President and Commissioners shall have the power to use or sub-
scribe, out of the money arising from the sale of said bonds, such sum
or sums as they may deem proper for the construction of public utilities
or for the purchase of the capital stock or bonds of any public utility
corporation formed for the purpose of supplying the public needs of the
town or corporation or for the construction by the town, by contract after
competitive bidding, of a sewerage system, or to loan to such public utility
corporation, out of the proceeds of the sale of said bonds, such sum or
sums as they may deem proper, the said corporation securing the same in
such manner as to the President and Commissioners as may deem safe
and proper; that the said President and Commissioners are hereby em-
powered to borrow the remainder of the said sum of thirty thousand ($30,-
000) dollars, or the sum of five thousand ($5,000) dollars, on the faith